CySec informs: the licence of a Cyprus Investment Firm continue to be suspended
Following previous announcements dated April 7 and May 12, the Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform on its decision in the meeting dated May 16 for Continuance of Suspension of CIF licence of the firm ‘Atlas Capital Financial Services Ltd’ with number 085/07.
CySec’s decision for Continuance of Suspension is pursuant to section 26(3) of the Investment Services and Activities and Regulated Markets Law of 2007 (‘the Law’).
While the suspension of the authorisation is in force, Atlas Capital Financial Services Ltd:
1. May not enter into a business relationship with any person and accept any new customer.
2. May not receive, transmit and execute any order from the client (existing or not) for financial instruments market
3. May not provide any investment services in the Republic or outside the Republic (in Member States and third countries).
4. May not advertise itself as a provider of investment services and carry out advertising campaigns and announcements.
5. Must be posted in all the web sites that its license has been suspended.
6. Must, if existing clients so wish, without being considered in violation of section 26(5) of the Law,:
6.1. Close all open positions in relation to clients’ contracts, or of its own, on their maturity date or on an earlier date if the client so wishes.
6.2. Return to existing clients all of their funds and profits earned.
Section 26(3) of the Investment Services and Activities and Regulated Markets Law of 2007:
The Commission may, wholly or partially, suspend a CIF authorisation: When the conditions of paragraph (b) of subsection (1) or subsection (2) coincide, the Commission may set a reasonable deadline, that may not exceed three months from the date of notification of the suspension of the CIF authorisation, for compliance with the provisions of this Law or/and the directives issued pursuant to this Law or/and the Regulation (EC) No 1287/2006.
Source: CySec (in Greek)